The goal of next year is the playoffs. With drastic changes supposedly on the way to accomplish this and the overall talent of the roster due for an upgrade, there appears to be 2 ways to go about it:
Wait until after July 1st and use free agency and the draft (1 first round pick and 2 second round picks) as the primary means adding talent. In free agency the Raptors would have about $10M in cap space unless they amnesty someone (Jose? Linas? Amir? AB?). The Raptors would have to renounce their TPE from Barbosa trade and they would have to renounce their rights to Bayless to get their full cap space.
Use their $10.3M of cap space prior to July 1st too add talent and salary via trade. Then use their Barbosa TPE in the same or another trade. Use their draft picks. Use their exceptions in free agency: mid-level ($5M) and bi-annual ($1.8M). Use Bird Rights to extend Bayless or use him in a sign and trade.
What would you do in Colangelo's shoes?